We returned from panic bottom line of channel to normal bottom line of channel and it immediately turned us down. We need break this line and than the medium optimistic channel line and than the top of channel line what I am afraid means end somewhere above the 950. However I do not know how the channel will look in few hours, today it made more progress than in past days for whole session.
The Bulls need the support of the 10:30 crew. But I am afraid that they will choose the path of least resistance (down). If we take out the lows we will be at the extreme lower pivot levels and of course this will be another historical moment.
I really don't like being short equity futures.. the system is rigged for short term pain and long term gains.
calculate the open interest in ES at the moment and the margin required to control that open interest.. with the amount of funds available to central banks.. the amount of funds it would take is very minimal.
Well, the Fed wanted to stop the slide at 11000, somehow the market didn't get the notion what it was supposed to do. On the positive side, you can always short a Bush speech... P.S.: Even Cavuto said he should stop giving speeches on economy...
in these conditions, or atleast when there is panic and prices move faster, S/R become less valuable. there still is some validity, but from what i have seen, less likely to respect it
Not correct. It reacts extremely well to the support and resistance in channel on range bar chart. It simple does not work on time based chart.
We the little people think the Fed wanted it to stop at 11000. They tell us one thing then they do something else to undermine the process. Dumb like fox I say.
My stops got blown about five or six times today and I still managed to make a nice amount of change. With the market making 10 pt moves in 30 seconds or less I find this market untradeable according to the parameters that I've previously established ... and I'm not changing my risk protocols for this monster. I'll be swimming in the ten-year note, eurofx and j-yen pools for the time being. :eek: Good Luck, Fly Safely! P.S. Don't get caught in any riptides ... seriously!